Credit Suisse to pay $90m US fine
The Swiss bank Credit Suisse has agreed to pay a $90 million settlement to the US Securities and Exchange Commission after the bank was accused of not properly disclosing how decisions were reached relating to the reclassification of assets in its private bank.
The Commission said that, from the fourth quarter of 2011 to 2012, decisions to label some client funds as assets under management were influenced by business targets. In one case, the Commission says that more than $1 billion of a private wealth client's assets were reclassified as being managed by the bank, which generate higher fees, rather than just guarded at the bank. Credit Suisse has admitted that pressure from managers had led to the securities violations but said that there were no allegations of intentional misconduct.
The bank says that it has undertaken ‘appropriate internal remedial efforts' and that none of its clients were harmed in any way.